Second-Party Opinion Download

Sustainalytics is of the opinion that the TDC NET Sustainability-Linked Finance Framework aligns with the Sustainability-Linked Bond Principles 2020 and Sustainability-Linked Loan Principles 2022. This assessment is based on the following: 

Selection of Key Performance Indicators

The TDC NET Sustainability-Linked Finance Framework includes two KPIs: (i) Scope 1 and 2 GHG emissions and (ii) Scope 3 GHG emissions (see Table 1). Sustainalytics considers KPI 1 and KPI 2 to be very strong based on their materiality, relevance, scope of applicability and adequacy to external benchmarking. 

Calibration of Sustainability Performance Targets

Sustainalytics considers the SPTs to be aligned with TDC NET’s sustainability strategy. Sustainalytics considers SPT 1 and SPT 2 to be highly ambitious based on past performance, peer performance and alignment with science-based trajectories. 

Bond/Loan Characteristics

TDC NET will link the sustainability-linked instruments’ financial characteristics to the achievement of the SPTs, namely a coupon step-up or higher redemption price. 

Reporting

TDC NET commits to report, on an annual basis, on its performance on the KPIs and expects to include the relevant figures in the sustainability report, which will be published on its website. The reporting commitments are aligned with the Sustainability-Linked Bond Principles 2020 and Sustainability-Linked Loan Principles 2022.  

Verification

TDC NET commits to have external limited assurance conducted against each SPT for each KPI at least once a year, which is aligned with market expectations.